Bitcoin Awaits Major Breakout as Price Pressure Builds

2020-7-11 00:39

Bitcoin remains stuck in a no-trade zone despite the price action it saw over the last week. Nevertheless, BTC futures indicate optimism for the coming quarter.

Bitcoin Loses Monday’s Gains

Bitcoin kicked off the week with a bang as its price surged over 3% on Monday. The buying pressure seen after the weekly open spilled over to the rest of the week as the pioneer cryptocurrency rose to a high of nearly $9,500. However, this resistance level rejected a further BTC advance, triggering a 2.8% correction.

Since the beginning of June, the flagship cryptocurrency appears to be contained within a descending parallel channel, from a technical analysis perspective.

Since then, each time BTC rises to the upper boundary of this technical formation, it pulls back to the middle or the bottom, and from this point, it bounces back up. This behavior is consistent with the characteristics of a parallel channel.

BTC/USD on TradingView

Given the past month’s price movement, Bitcoin could be on its way down to the middle or the bottom of the descending parallel channel. These critical support levels sit around $8,900 and $8,400, respectively.

A Pivotal Point On the Trend

Regardless, IntoTheBlock’s “In/Out of the Current Money Around Price” (IOMAP) model adds credence to both the $8,900 support and the $9,500 resistance level. Based on this fundamental index, moving past any of these critical supply zones will determine where Bitcoin is headed next, but doing so will not be easy.

The IOMAP cohorts reveal that roughly 3 million addresses bought around 2 million BTC in each of these price zones. Holders within the low range will try to remain profitable in the event of a correction while the ones who bought higher may try to break even when Bitcoin rises. These two groups will compress the price action into a narrower trading range until one side breaks.

In/Out of the Current Money Around Price by IntoTheBlock

Despite the ambiguity, Jesus Rodriguez, CTO at IntoTheBlock, affirmed that market participants are still optimistic about what the future holds. A look at the different futures exchanges reveals that one of the most popular contracts is for Sept. 25.

These financial products are currently trading higher than the current BTC price, which is a positive sign, according to the analyst.

“The most popular contracts at the moment are for September 25th and those are in contango which means that they are trading at a premium compared to the current Bitcoin price. This signals some optimism for the next few months,” said Rodriguez.

Futures Contracts Volume Rank by IntoTheBlock

Even though investors remain confident about Bitcoin’s upside potential, traders must watch out for a potential break of support or resistance. Only a daily candlestick close below or above these levels will determine BTC’s next big move.

origin »

Bitcoin (BTC) на Currencies.ru

$ 84710.31 (+2.27%)
Объем 24H $29.082b
Изменеия 24h: 3.97 %, 7d: -5.38 %
Cегодня L: $80441.76 - H: $84739.94
Капитализация $1680.382b Rank 1
Цена в час новости $ 9263.38 (814.46%)

bitcoin price futures btc indicate nevertheless week

Источник: cryptobriefing.com

bitcoin price → Результатов: 126


The Fed is expected to cut interest rates twice in 2025, what might this mean for the Bitcoin price?

The cryptocurrency market has gone mainstream. It is no longer retail investors’ assets as institutions globally are investing in Bitcoin and other major cryptocurrencies.   As a risk-based asset, Bitcoin’s price is affected by central bank policies, especially those from the United States Federal Reserve.

2025-2-18 15:05


Bitcoin Price Remains Bullish As Monthly Stochastic Sits Above 80, Here’s Why

The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range. This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. […]

2025-1-15 18:30


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Are Bitcoin Whales Still Holding For Higher Profit? This On-Chain Signal Suggests So

The Bitcoin price performance in 2024 is one for the history books, with the premier cryptocurrency crossing the $100,000 mark for the first time ever. However, hitting this milestone opened the door to another conversation — when will the market top be in? As a result, several predictions of the Bitcoin price top have emerged […]

2024-12-15 12:30


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin soars above $84,000 as US inflation cools in February

Tariff policies may disrupt inflation trends, affecting economic stability and potentially influencing monetary policy and market dynamics. The post Bitcoin soars above $84,000 as US inflation cools in February appeared first on Crypto Briefing.

Investors could buy the dip as Bitcoin’s price drops to $80k

Key takeaways BTC dropped to the $80k zone on Sunday as bears take control of the market. Bitcoin Pepe’s presale officially crosses $4m a month after launch. BTC dips to $80k as sellers stay in control The cryptocurrency market was bearish over the weekend, with Bitcoin losing over 5% of its value over the weekend.